Soybeans Lead Gains in Agriculture on U.S.-China Trade Truce

The meeting between President Trump and President Xi of China saw an immediate reaction in commodity markets as traders expected to see a re-entry into markets from Chinese purchases as the two leaders deescalated the trade war that has broken out between the two countries. Soybeans prices led advances among U.S. crop futures after the White House said China agreed to immediately restart buying American farm products as part of a trade truce between the two countries. The oilseed jumped as much as 3.2 percent to the highest since June in Chicago, as corn and wheat also climbed, while Chinese soybeans fell on expectations of more supply. President Donald Trump and his Chinese counterpart agreed to pause the introduction of new tariffs and intensify trade talks, a significant turnaround in relations between the U.S. and one of its top customers for farm products.